FG’s N3.1 Trillion Revenue Loss Traced To An Individual

Apparently believing that he had heard and seen the worst of how corrupt practices have brought Nigeria to her knees, President Muhammadu Buhari, last week, almost lost his cool when

it was brought to his attention that a whopping $16 billion – at the official exchange rate of N196, this comes to N3.136 trillion; while, with the parallel market rate of N315, it comes to a whopping N5.04trillion) of the nation’s crude oil revenue loss could be traced to some sharp practices by some individuals in Nigeria’s oil and gas sector. President Muhammadu Buhari The quantum of funds in question are revenue that ought to have accrued to the Federal Government of Nigeria through oil-lifting deals which are now subject of intensive investigations. Specifically, one of the arrow heads of the crude oil lifting scam, who has been invited and interrogated by the Economic and Financial Crimes Commission, EFCC, at least twice before, has been granted administrative bail, and “who is alleged to be warehousing a sizable chunk of the money, drew the ire of Mr. President”, an Aso Rock Presidential Villa source disclosed. Sunday Vanguard learnt that even visiting South African President, Jacob Zuma, was caught in the cross winds of  Buhari’s reinvigorated mode of anti-corruption, as he ordered that every kobo of the stolen funds must be recovered. Similarly, information suggests that the government of the United States of America is helping in the provision of intelligence on how to trace some of the stolen funds from Nigeria. Benin Republic and South Africa have both become safe havens for Nigeria’s stolen funds investigations have revealed. It was learnt that once the revelations were made to Buhari, he ordered that EFCC must ensure that the looted funds are recovered.